By Andrew Joiner
Hyperscience delivers 38% growth in SaaS annual recurring revenue year-over-year and achieves 97% year-to-date gross retention in Q2 2024
Celebrates new customer win with Volkswagen in Q2 2024, underscoring transformative opportunity with enterprise clients
Pop culture loves power couples. Taylor and Travis. Barack and Michelle. Beyonce and Jay-Z.
In technology markets, convergence creates opportunity. And Hyperscience is uniquely positioned to capitalize on a new power couple that will transform how organizations get work done, serve their customers and the public, and create competitive advantage.
I’m talking about the convergence of AI and hyperautomation, which is helping organizations modernize back office processes and transform front office experiences.
Traditionally companies have cobbled together legacy OCR, RPA, and BPO to manage their back office processes. This has resulted in an optimized process, but has not led to transformative results.
We are now seeing an industry awakening, in which customers are reimagining how they operate and engage their customers through the use of Generative AI. Once the realm of science projects, organizations are now prioritizing investment in a fuller spectrum of AI, and generating tangible ROI.
Hyperscience is uniquely positioned to capitalize on this industry shift. Our platform, the Hyperscience Hypercell, is built with AI at the core, and delivers remarkable document processing accuracy rates of 99.5% and automation rates of 98%.
Once customers have used Hyperscience to map the data and documents across their organization, they have an accurate data estate that they can leverage to power end-to-end automation. Customers can apply Hyperscience blocks and flows, and APIs to embed data into downstream systems and applications, to power hyperautomation. This allows customers to automate multiple steps in a workflow, resulting in a much faster path to outcomes and decisioning, lower costs, and a significantly improved customer and partner experience.
Likewise, customers can apply this accurate data estate to capture the potential of Generative AI by leveraging the core information assets that a business relies upon to run their business. Hyperscience refers to this as “training LLMs in the language of your business.”
This unique Hyperscience value proposition resonates with the market. As we just concluded Q2 and reach the midpoint of our fiscal year, we are driving tremendous momentum, across multiple fronts:
Driving Growth: New Wins, Expansions, SaaS Acceleration and GTM Investment Power Our Momentum
- New logos and expansion – in Q2 2024 we added a new signature win at Volkswagen, and drove expansion with customers across several key verticals. This includes significant increases with customers in the financial services, transportation and logistics, and several public sector wins including the Missouri Department of Social Services and the California Department of Corrections. Our recent expansion with the United States Social Security Administration (SSA) is another strong validation of the ROI we are delivering to customers. Together with Accenture, Hyperscience will deliver end-to-end back-office intelligent automation services to transform the processing of 250 million retiree and survivors’ benefits documents annually for the SSA.
- Gross Retention – the Hyperscience year-to-date retention now stands at 97%, which indicates strong customer satisfaction and return on investment. As noted above, expansion continues to accelerate, continually improving our retention rates, and we expect this trend to continue through the rest of the fiscal year.
- Growth in SaaS – in Q2 2024 we grew our SaaS annual recurring revenue by 38%, with several customers doubling and tripling their ARR commitments.
- Adoption of the latest releases – this year we launched a new white-glove service to provide seamless upgrades to the latest version of our software. To date, over 80% of our customers have upgraded through the service, and we expect that close to 100% of our customers will be on the latest two versions of the Hyperscience Hypercell by the end of the year. As an added benefit, this allows our engineering team to increase velocity, allowing them to focus more on delivering innovative solutions for our customers.
Based on the strength of our demand signals, and continued momentum with new and existing accounts, we are investing in the GTM engine to capitalize on the opportunity. We’ve more than doubled the size of our sales team this year, with plans to hire more in the next few months.
We recently brought on JJ Trahan as our new Executive Vice President of Global Revenue, to help drive the company through our next phase of growth. Trahan brings a wealth of experience and a proven track record in building world class GTM teams that deliver consistent, consecutive years of revenue growth, with successful extended tenures at UserTesting, Qualtrics, and Parametric Technology Corp (PTC).
Fueling Innovation: Advancing Automation with Cutting-Edge AI and Machine Learning
Innovation is core to the Hyperscience DNA since our company began, and we continue to deliver high impact innovation to our customers. Today we announced significant updates to the Hyperscience Hypercell R40, which deepens the platform’s automation capabilities and further embeds machine learning into the core of the enterprise. Updates include new deep learning models for complex, long form documents, industry-leading model lifecycle management features and extensive developer tools that accelerate end-to-end automation.
Securing the Future: How Hyperscience Prioritizes Security, Governance, and Trust
In an enterprise setting, automation without security and governance creates huge risks for organizations, which stifles innovation and progress on AI initiatives. Hyperscience recognizes this, and continues to deliver on our commitment to provide the highest levels of security, transparency, and trustworthiness:
- Enhanced audit logging capabilities – the latest release of the Hypercell includes enhanced capabilities that help customers understand everything that happened in Hyperscience – who performed the action (the machine or a human), when, and where the action took place. This helps ensure accountability, accuracy, and compliance, thereby enhancing operational transparency and efficiency related to all workflows created within Hyperscience.
- Progress on FedRAMP High certification – Hyperscience is making great progress on achieving FedRAMP High certification status. FedRAMP is a federal certification established to ensure the security of cloud products and services used by the federal government. In July, Hyperscience announced a strategic partnership with Palantir and their FedStart program for Hyperscience to become FedRAMP High authorized by the end of 2024.
- Securing and protecting your data – Hyperscience remains dedicated to staying ahead of emerging threats, continuously evolving our security measures to protect your business in an ever-changing digital landscape. To understand how Hyperscience secures the digital assets of our customers with the high-level access control to sensitive data protection – see the recent blog from two of our engineers, Daniel Nunes and Kaloyan Ganchev.
As we at Hyperscience like to say, behind every document and process is a meaningful human experience – a family applying for their first mortgage, a veteran seeking the timely payment of health benefits, a student applying to college, an Amazon truck delivering a birthday gift. By applying our unique IP, which couples the power of AI and hyperautomation, we are helping our customers increase productivity and gain competitive advantage – and very importantly, enabling them to do meaningful work for their customers. This is the driver behind our success, and I am proud of the team at Hyperscience that is committed to delivering on this purpose every day.
